Boss of Chinese securities firm removed in graft probe

By 06.17.2015 news > World

BEIJING (AP) — The chairman of a state-owned Chinese securities firm has been fired after investigators found he padded his expenses and spent public money to publish his poetry, the country’s top discipline body said Wednesday.

The announcement appeared to reflect an effort by Beijing to show a marathon anti-corruption crackdown still was under way after a former member of the Communist Party’s ruling inner circle was sentenced last week to life in prison.

Long Zenglai was dismissed as chairman and party chief of China Investment Securities, according to the ruling party’s Central Commission for Discipline Inspection.

The amounts of money Long was accused of misusing were modest by the standards of Chinese graft cases.

The commission statement said he overbilled the firm 159,100 yuan ($25,600) for banquets and spent 34,389 yuan ($5,500) of public money on golf and 17,921 yuan ($2,900) to publish his poetry.

Last week, a former member of the party’s Standing Committee, Zhou Yongkang, was sentenced to life in prison on charges he took 130 million yuan ($21 million) in bribes and caused 1.4 billion yuan ($229 million) in losses of public money.

The firing of Long also reflects the impact of the anti-graft crackdown beyond the oil and gas industry, which has been hit hardest and where Zhou had his power base. A string of executives and former executives of state-owned energy companies have been detained.

China Investment Securities is owned by China Central Huijin Investment Ltd., which is controlled by the Ministry of Finance and holds the state’s shares in the country’s major banks, insurance companies and securities firms.

———

China Investment Securities Ltd: www.china-invs.cn

Central Commission for Discipline Inspection: www.ccdi.gov.cn

leave a comment